Shares in British aerospace firm Rolls-Royce Holdings PLC (LSE:RR.) hit a 33-month high on Monday as the five-day Dubai Airshow kicked into gear.
The firm was on the front foot after confirming a crucial engine test using sustainable aviation fuel (SAF) ahead of a maiden flight using the green technology later this month.
But Rolls-Royce stakeholders are also paying close attention to the Middle East trade event.
Flagship UAE carrier Emirates looks to replace the outgoing Airbus A380 craft, which is exclusively powered by Rolls-Royce’s Trent XWB engines.
However, the first notable order of the week saw Emirates sign a walloping US$55 billion order for 95 additional wide-body Boeing aircraft powered by General Electric (NYSE:GE)’s GE9X engine.
The order has cemented Dubai carrier Emirates as the largest buyer of Boeing 777 aircraft as competition for Middle East airspace intensifies.
“These additional aircraft will enable Emirates to connect even more cities, supporting the Dubai economic agenda D33 set out by HH Sheikh Mohammed bin Rashid Al Maktoum, to add 400 cities to Dubai’s foreign trade map over the next decade,” Emirates said in a press release.
In contrast, Reuters today reported that a parallel order from Emirates for a fleet of Rolls-Royce-powered Airbus A350’s appears to be on hold as Airbus and Rolls-Royce mete out contract terms.
Rolls-Royce shares were swapping for 237.7p as of 12.30pm, 13 November.